v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Activities    
Net loss $ (17,094,899) $ (11,463,927)
Adjustments to reconcile net loss to net cash used in operating activities:    
Goodwill impairment loss 737,000
Depreciation 176,548 171,235
Stock-based compensation 2,932,253 652,746
Change in fair value of contingent consideration 728,290 665,936
Unrealized gain on investments (5,589)
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable (9,002) (53,714)
Prepaid expenses and other current assets 225,245 (514,265)
Deferred financing costs 30,000
Accounts payable 971,062 (55,384)
Deferred revenue (1,032,539) (3,735,713)
Deferred tax liability 45,178 (665,080)
Accrued expenses and other liabilities (316,317) (743,519)
Other long-term liabilities 92,511 27,923
Deposits (35,065) (29,422)
Net Cash Used in Operating Activities (12,585,324) (15,713,184)
Cash Flows from Investing Activities    
Purchase of property and equipment (143,318)
Purchase of short-term investments (107,830) (547,409)
Net Cash Used in Investing Activities (251,148) (547,409)
Cash Flows from Financing Activities    
Proceeds from public offering, net of underwriting discounts 20,699,997
Proceeds from the issuance of common stock, net of commissions 18,898 3,866,405
Proceeds from exercise of stock options 2,120
Proceeds from exercise of warrants 4,838,593
Stock issuance costs (2,057,872)
Net Cash Provided by Financing Activities 21,018 27,347,123
Effect of exchange rate changes on cash, cash equivalents and restricted cash (4,376) 110,430
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (12,819,830) 11,196,960
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 22,154,251 9,765,359
Cash, Cash Equivalents and Restricted Cash - End of Period $ 9,334,421 $ 20,962,319

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